Rachel Reeves is set to pave the way for tax rises in the Budget later this month – amid mounting speculation she will break Labour’s biggest election promise.

The chancellor will level with voters about “the circumstances we are facing” in a major speech on Tuesday morning.

She will pledge to “protect our NHS”, cut the national debt and tackle the cost of living when she delivers the Budget on November 26.

Reeves will also have to find the money to fill a black hole of at least £30 billion in the government’s finances.

She is understood to be considering hiking income tax by 2p in the pound to raise around £6 billion.

That is despite Labour’s election manifesto pledge not to put up income tax, VAT or National Insurance.

Speaking in Downing Street, the chancellor will say: “I will

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